Table 9.
Results of further analyses.
| (1) |
(2) |
(3) |
(4) |
|
|---|---|---|---|---|
| GTI | GTI | GTI | GTI | |
| EGC | 0.0899*** | 0.0513*** | 0.0913*** | 0.0524*** |
| (9.47) | (6.47) | (9.49) | (4.35) | |
| SIZE | 0.1685*** | 0.2430*** | 0.1547*** | 0.2373** |
| (4.81) | (2.28) | (4.46) | (2.23) | |
| ALR | −0.0865 | −0.2294 | −0.0466 | −0.1953 |
| (-0.49) | (-0.57) | (-0.26) | (-0.49) | |
| NPM | 0.3332*** | 0.4495* | 0.3634*** | 0.4530* |
| (2.89) | (1.90) | (3.12) | (1.91) | |
| FAR | −3.7901*** | −2.5001*** | −3.7589*** | −2.5340*** |
| (-15.58) | (-3.65) | (-15.39) | (-3.70) | |
| TQ | 0.0798*** | 0.0238 | 0.0758*** | 0.0212 |
| (3.46) | (0.65) | (3.34) | (0.58) | |
| MS | 0.0059*** | −0.0030 | 0.0057*** | −0.0032 |
| (3.26) | (-0.69) | (3.12) | (-0.73) | |
| ER | 0.0636** | 0.0304** | ||
| (3.91) | (2.34) | |||
| EGC*ER | 0.0495*** | 0.0242** | ||
| (3.70) | (2.25) | |||
| OS | – | – | 0.6904*** | 0.0854** |
| (3.31) | (1.76) | |||
| EGC*OS | – | – | 0.0535** | 0.0472** |
| (1.54) | (2.52) | |||
| Cons |
−5.1807*** (−6.79) |
– |
−4.8907*** (−6.47) |
– |
| Individual fixed effect | No | Yes | No | Yes |
| Time fixed effect | No | Yes | No | Yes |
| Industry fixed effect |
No |
Yes |
No |
Yes |
| Number of samples | 12242 | 4708 | 12244 | 4708 |
| Wald-P | 0.00 | 0.00 | 0.00 | 0.00 |
Note: (1) The values in parentheses are z-statistics. (2) The difference in samples number is automatically adjusted by Stata software. (3) * * *, * *, and * represent significance at the levels of 1 %, 5 %, and 10 %, respectively.